@Nickolas Burns everything you described is common in properties of this age in Sioux Falls.

Either or works Well just use this as a simple example 24 Unit apartment Complex ( B-  or C +  type  property Purchase Price - 1,920,000 ( $80k Per Unit ) may be low in this market Down payment - 25% = $480,000 Rehab - $ 6,500 per Unit ( some units  more than others ) = $ 156,000Common Rehab - Water Heater , laundry room if it has one , Paint of building , landscaping , windows , parking lot  , roof ( 10k - 70k ) This ranges a lot depending on the property Closing cost - 20-30k tax - 7,000 / year insurance - 12,000 ( wind n hail , general , fire  ) / per year Property Management ( 10 % ) = 2,160 / per month vacancy - 10 % = $ 2,160 per month Cap X ( fridge , window , curtains , doors , paint , roof , pavement ) - 1,080 / per month Landscaping - $ 800 per month simple repairs - $ 500 -900 per month common area electric - $ 300 per month Mortgage $ 7,500 ( 30 year amortization  , 4.75 % rate  ) Income - $900 per unit = $21,600 , this varies based on area . 

Those are simple 2 common ones.

I have found the cash flow from laundromats to far outperform that of most real estate investments pound for pound, especially in your area. 25-35% unleveraged is pretty common.

Yet the common flu we all know has taken countless thousands of lives !

For example, they purchase a warranty for their property that covers common repairs with a $50 deductible.

I think somewhere around 1 months rent is common. 

I would advise you to consult your tax professional as we do not know your individual tax situation, nor what caused your initial interest in QOFs.To answer your question sincerely (with a common answer in the tax and accounting world), "it depends".

That is the common legal definition, all depends on your language and model waterfall. 

While they’re not common you do want to know if your contract has one.